26% of Small Businesses Hit by Cybercrime: Are You at Risk? 

Cyber security has emerged as one of the most pressing concerns for small businesses in Australia. According to the State of Small Business Report 2024, nearly 26% of small businesses are impacted by cybercrime—an increase from last year—the threat is real, and it’s growing. Yet, despite these alarming statistics, the majority of small businesses remain unprotected.  

Let’s explore the landscape of cyber security for small businesses and, most importantly, what you can do to safeguard your business. 

Why Small Businesses Are Easy Targets 

Small businesses often lack the time, budget, or expertise to implement strong cyber security. This makes them attractive to cybercriminals looking for easy wins. Nearly half (47%) of impacted businesses report financial losses, while others face serious issues like privacy breaches (18%) and identity theft (12%). 

The costs of a cyberattack extend far beyond finances. Damaged reputations, eroded customer trust, and recovery expenses can cripple a business. 

Practical Steps to Strengthen Your Cyber Security 

Protecting your business doesn’t have to be complicated or expensive. Here are simple, actionable steps you can take: 

1. Use Strong Passwords: Secure all accounts with unique, complex passwords. 

2. Train Your Team: Teach employees to recognise phishing emails and suspicious activity. 

3. Enable Two-Factor Authentication: Add an extra layer of security to your logins. 

4. Backup Your Data: Regular backups ensure you can recover quickly from a ransomware attack. 

5. Invest in Professional Support: If cyber security feels overwhelming, consider hiring IT experts or using managed security tools. 

What is the State of Small Business Report?  

Across September and October this year, Localsearch, in collaboration with Thrive PR & Communications, carried out our third annual State of Small Business Survey, reaching over 28,000 small and medium-sized businesses (SMBs) within our vast client network. Our mission was clear: to gain deeper insights into the everyday challenges that SMBs encounter. Whether it’s the ongoing skilled labor shortage, looming economic uncertainties, or cyber security, our goal was to understand the critical issues shaping their business landscape and how we can support their success.